Stocks are ‘overvalued’, but investors scream buy: BofA

This translation has been automatically generated and has not been verified for accuracy.A whopping 98% of investors surveyed by Bank of America believe markets are “overvalued” after world stocks bounced back from March lows at a record pace driven by government stimulus measures.

The euphoria led to investor cash levels dropping to 4.7% in June from 5.7% last month, the biggest monthly drop since August 2009, BofA’s survey of 212 fund managers with $598 billion in assets under management showed.The drawdown was also partly supported by easing worries about a longer economic hit -- a net 46% of participants in the survey expected a prolonged recession versus 93% in April.

Indeed, stocks and oil briefly came under pressure on Monday after several districts of Beijing closed schools and ordered people to be tested after an unexpected rise in infections.

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